Tuesday, May 24, 2005

Economist To Eat His Own Hat

This has already been posted in the comments, but just to get it on the record. "'Fifteen percent price appreciation is too much, even for me,' David Lereah, chief economist at the National Association of Realtors. 'The real estate market is taking on a life of its own right now and we need to get a handle on it.'"

"I do agree with (Federal Reserve Chairman Alan) Greenspan there's some froth now in the market."


At 9:35 AM, Anonymous Anonymous said...

Kudos to Lereah- He waits for a blockbuster # to talk it down a bit. Even NAR must be starting to realize that they are going to bear the brunt of this one when it pops.
Ironically, though, RE Agents make money in both markets- up and down. He is absolutely correct in saying that this is an underwriting bubble- previous Fitch post shows how fast that can catch up.

GM, Ford, MBS, FNM - sounds like a perfect storm. Ask your Hedge Desk if anyone is answering the phone today.

Can you say short squeeze?

At 9:41 AM, Anonymous Anonymous said...

Wasn't this liar talking about real estate being a "great long-term investment" about three months ago???? And now there's froth? If there's any justice in the world he'll wind up in jail.

At 9:52 AM, Blogger John Law said...

sounds like someone wants to buy every copy of his book back.

what happened to his talking points?

At 10:53 AM, Anonymous Anonymous said...

John - an interesting point. I wonder how long Lereah is required to keep hawking is book under his publisher's promotion agreement. Perhaps he's reaching the end of the agreement period. :)

At 2:46 PM, Blogger realist said...

a little froth is something you might find in some starbuck's drink. this is going to be the whole scalding mess spilled between the legs of many speculators.

At 10:40 AM, Anonymous Anonymous said...

Oh dear Allan Greenspan, look a here the little monster you jusr created. You moron from the Federal Reserve, you created a monster 10 times as big as the NASDAQ 5000. Allan really hope you croake. Allan Greenspan is Doctor Frankenstein but for real.

At 1:10 PM, Anonymous Anonymous said...

Economist are just a bunch of jokers. Personnally I find Astrologers more serious than these clowns called economists.

At 11:10 AM, Anonymous Anonymous said...

Welle All Economist should eat you know what. Economic studies are big joke. Economists are Bankers fools. Hurry Hurry come and see your friendly economist with all his wonderful phony statistics and phony science. What a bunch of clowns.


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